The synthetic rubber market is projected to witness a healthy growth across the globe. As synthetic rubbers are considered as a substitute for natural rubber, owing to which the application areas are estimated to rise throughout the forecast period. In addition, the insatiable prices of natural rubber is another major factor encouraging consumers to shift from natural rubber to synthetic rubber across the globe. In addition, the introduction of the bio-based feedstock is predicted to act as a key opportunity for the key players operating in the global synthetic rubber market in the forecast period.

According to the research study, in 2014, the global synthetic rubber market was worth US$29,121.2 mn and is expected to reach a value of US$45,767.1 mn by the end of 2023. The market is anticipated to register a healthy 5.10% CAGR between 2015 and 2023.

The rising demand for synthetic rubber from the automotive sector is the key factor estimated to encourage the growth of the global synthetic rubber market throughout the forecast period. The robust increase in the number of cars and commercial vehicles is predicted to accelerate the growth of the market in the coming years. In addition, the development of the footwear market is anticipated to generate promising growth in the next few years. On the other hand, the rising substitution of synthetic rubber by natural rubber is projected to hamper the growth of the global synthetic rubber market. Moreover, the oversupply owing to the consistent capacity additions is anticipated to restrict the market’s growth in the coming few years.

The global market for synthetic rubbers has been classified on the basis of end use into industrial goods, tires, footwear, asphalt overlay, adhesives, and tires. The advancements in the technology is anticipated to fuel the growth of the market in the next few years. Among these segments, the tires segment if projected to witness a progressive growth throughout the forecast period with a key share of the overall market.

Asia Pacific to Remain in Leading Position in Global Synthetic Rubber Market

Among the key regional segments, in the last few years, Asia Pacific led the global synthetic rubber market. This region is projected to register a progressive growth and remain in the leading position throughout the forecast period. The growing demand for tires in the automotive sector is one of the major factors encouraging the growth of the Asia Pacific market. In addition, the tremendous rise in the consumption of synthetic rubber in India, China, and ASEAN region is expected to accelerate the development of the market in the near future. The increasing popularity of green tires is anticipated to contribute towards the development of the market in the near future.

On the other hand, the Middle East and Africa market is anticipated to grow at a moderate pace in the next few years. The high development of the construction industry is predicted to accelerate the growth of this market across the forecast period. Furthermore, North America is likely to register a steady growth, owing to the healthy recovery from the economic slowdown. In addition, a significant growth in the construction and automotive sectors is estimated to contribute widely towards the development of the market in the next few years.

This report analyzes and forecasts the market for synthetic rubber at the global and regional level. The market has been forecast based on volume (kilo tons) and revenue (US$ Mn) from 2015 to 2023. The study includes drivers and restraints of the global synthetic rubber market. It also covers the impact of these drivers and restraints on demand for synthetic rubber during the forecast period. The report also highlights the opportunities in the synthetic rubber market at the global and regional level.

The report includes a detailed value chain analysis, which provides a comprehensive view of the global synthetic rubber market. Porter’s Five Forces model for the synthetic rubber market has also been included to help understand the competitive landscape in the market. The study encompasses market attractiveness analysis, wherein end-users are benchmarked based on their market size, growth rate, and general attractiveness.

The study provides a decisive view of the global synthetic rubber market by segmenting it in terms of products and end-users. These segments have been analyzed based on present and future trends. Regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report also covers demand for individual products and end-user segments in all the regions.

The report provides the estimated market size of synthetic rubber for 2015 and forecast for the next eight years. The global market size of synthetic rubber is provided in terms of both volume as well as revenue. Market volume is defined in kilo tons, while market revenue is in US$ Mn. Market numbers are estimated based on key product segments and end-user segments of synthetic rubber. Market size and forecast for each major product and end-user is provided in terms of global and regional markets.

In order to compile the research report, we conducted in-depth interviews and discussions with a number of key industry participants and opinion leaders. Primary research represents the bulk of research efforts, supplemented by extensive secondary research. We reviewed key players’ product literature, annual reports, press releases, and relevant documents for competitive analysis and market understanding. Secondary research also includes a search of recent trade, technical writing, internet sources, and statistical data from government websites, trade associations, and agencies. This has proven to be the most reliable, effective, and successful approach for obtaining precise market data, capturing industry participants’ insights, and recognizing business opportunities.

Primary research involves e-mail interactions, telephonic interviews, and face-to-face interviews for each market, category, segment, and sub-segment across geographies. We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate the data and analysis. Primary interviews provide firsthand information on market size, market trends, growth trends, competitive landscape, and outlook, etc. These help validate and strengthen secondary research findings. These also help develop the analysis team’s expertise and market understanding.

The report segments the global synthetic rubber market as:

Synthetic Rubber Market: Product Segment Analysis

Styrene Butadiene Rubber (SBR)

Polybutadiene (BR)

Ethyleneâ€propylene (EPDM)

Nitrile Butadiene Rubber (NBR)

Others (IIR, CR, TPR, ABS, etc.)

Synthetic Rubber Market: End-user Segment Analysis

Tires

Industrial goods

Footwear

Others (adhesives, asphalt overlay, etc.)

Synthetic Rubber Market: Regional Analysis

North America

U.S.

Rest of North America

Europe

France

U.K.

Spain

Germany

Italy

Turkey

Rest of Europe

Asia Pacific

China

Japan

ASEAN

Rest of Asia Pacific

Latin America

Brazil

Rest of Latin America

Middle East & Africa (MEA)

GCC

South Africa

Rest of MEA

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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